Newmont (NYSE:NEM) Given a $74.00 Price Target at CIBC

Newmont (NYSE:NEM) has been assigned a $74.00 price objective by analysts at CIBC in a research report issued on Tuesday, July 15th, Marketbeat reports. The firm currently has a “neutral” rating on the basic materials company’s stock. CIBC’s price target suggests a potential upside of 12.55% from the stock’s previous close.

A number of other equities analysts have also weighed in on NEM. Cfra Research upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, April 25th. Scotiabank restated a “sector perform” rating on shares of Newmont in a research report on Monday, April 14th. Royal Bank Of Canada increased their price objective on shares of Newmont from $52.00 to $66.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Stifel Nicolaus assumed coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective for the company. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Newmont in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $62.49.

Newmont Stock Up 6.9%

Shares of NYSE:NEM traded up $4.24 on Tuesday, hitting $65.75. 30,891,639 shares of the company traded hands, compared to its average volume of 11,595,961. Newmont has a 52 week low of $36.86 and a 52 week high of $66.57. The company has a quick ratio of 1.70, a current ratio of 1.98 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $57.05 and a 200-day simple moving average of $50.47. The company has a market cap of $73.18 billion, a PE ratio of 11.80, a PEG ratio of 0.90 and a beta of 0.33.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 18.13% and a net margin of 30.50%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the company posted $0.72 earnings per share. The company’s quarterly revenue was up 20.8% on a year-over-year basis. As a group, research analysts expect that Newmont will post 3.45 earnings per share for the current year.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director owned 43,103 shares of the company’s stock, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,231 shares of company stock worth $679,813. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the company. Hemington Wealth Management boosted its holdings in Newmont by 17.6% in the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 170 shares during the period. IVC Wealth Advisors LLC boosted its holdings in Newmont by 1.3% in the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock valued at $813,000 after purchasing an additional 173 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 185 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 190 shares during the period. Finally, Chelsea Counsel Co. increased its holdings in Newmont by 1.0% in the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock valued at $1,067,000 after buying an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.